The key initiatives in this year’s Federal Budget include: From the 1st of July 2014, the Medicare levy will increase by 0.5% to 2% pa. As of 1 March 2014, Families eligible for Family Tax Benefit (Part A) will only receive $2,000 following the birth of their first child, instead of the previous $5,000 and $1,000 for each subsequent child, the $5,000 Baby Bonus will be no longer. From 1 July 2014, all pension will be taxed at 15% on any asset earnings above $100,000. The Government has also confirmed that: An increase from $25,000 pa to $35,000 pa to the superannuation […]